Latin America Plastic Packaging Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers Latin America Plastic Packaging Manufacturers and the market is segmented by Rigid Plastic Packaging (Material (PE, PP, PET), Product (Bottles and Jars, Trays and Containers), End-user (Food, Beverage, Personal Care)), Flexible Plastic Packaging (Material (PE, BOPP, CPP), Product (Pouches and Bags, Films and Wraps), End-user (Food, Beverage, Personal Care)), and Geography.

Latin America Plastic Packaging Market Size

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Latin America Plastic Packaging Market
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 4.50 %
Market Concentration Low

Major Players

Latin America Plastic Packaging Market

*Disclaimer: Major Players sorted in no particular order

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Latin America Plastic Packaging Market Analysis

The Latin America Plastic Packaging Market is expected to register a CAGR of 4.5% during the forecast period (2021 - 2026). Plastic packaging has been witnessing an increasing inclination from consumers over other products, as plastic packages are lightweight and easier to handle. Moreover, even the major manufacturers are preferring to use plastic packaging solutions, owing to their lower cost of production.

  • There is a huge variety of innovative, cost-effective, and sustainable packaging solutions emerging in the market, and plastic, as a product, is still widely accepted in the region. This has led to major players, like Amcor, introducing new products in the region. In Brazil, the leading dairy brand, Letti, and Amcor collaborated to introduce the transparent one-liter PET bottles for its milk products. Amcor recently launched PET for its Salzburg Craft Beer, in Brazil, in partnership with New Age.
  • Further, due to the availability of low-cost labor, recycled plastic from the region is considered to be among the cheapest in the world, and hence, it is exported to Europe and other regions. This has also helped increase the rate of recycling of PET in the region.
  • In Mexico, PET bottle recycling plants operated by Mexico City-based PetStar recently reached an annual production capacity of 50,000 metric ton. Coca-Cola Mexico officially opened its largest food-grade PET (polyethylene terephthalate) bottle-to-bottle recycling facility in Mexico. These developments are indicative of the growth in the future use of recyclable plastic in the region.
  • Moreover, according to Fintech Times, the region's e-commerce sales increased to USD 79.7 billion in 2019 from USD 49.8 billion in 2016. The local growth of consumer preferences, rise in internet and smartphone usage, and the entrance of many MNC e-commerce players, such as Amazon and Alibaba, disrupted the traditional market and leveraged e-commerce to access small and medium-sized clients.
  • As COVID-19 has stepped into the market, countries, globally seems to have been shifting towards single-use plastics. Supply chains, additionally, are being strained in order to meet a surge in demand for single-use plastic packaging and medical supplies.

Latin America Plastic Packaging Market Trends

This section covers the major market trends shaping the Latin America Plastic Packaging Market according to our research experts:

PET Material is Expected to Witness Significant Growth

  • PET containers and bottles are used in a variety of applications. However, its major application includes liquid packaging. Adoption of PET can lead to up to 90% weight reduction, as compared to glass, allowing a more economical transportation process. Additionally, better mechanical qualities provide weight reduction, as compared to PE and PP bottles.
  • A closer look suggests that the primary reason for the projected rise in the use of PET in the region, in the shorter run, could be the falling prices of PET resins. Due to the US-China trade war, the prices of PET resins have been continually falling. With almost all major economies of Latin America, apart from Mexico, Argentina, and Brazil, being net importing countries, this is expected to bring down the prices of bottle-grade PET resins, thereby, greatly reducing the production costs.
  • Further, due to the availability of low-cost labor, recycled plastic from the region is considered to be among the cheapest in the world, and hence, it is exported to Europe and other regions. This has also helped increase the rate of recycling of PET in the region. In Mexico, PET bottle recycling plants operated by Mexico City-based PetStar recently reached an annual production capacity of 50,000 metric ton.
  • However, as the usage of plastic and plastic products has potentially hazardous implications on the environment, many consumers in Latin America are starting to use environment-friendly products. This also led to many governments in these countries imposing very stringent rules and regulations in the industry, making it a relatively slower growing industry, compared to other materials.
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Mexico is Expected to Witness Significant Growth in the Flexible Plastic Packaging

  • Flexible packaging has been witnessing faster growth than many other forms of packaging. It includes trends, such as e-commerce, digital printing, and sustainability, that are being used to drive market development and growth. Customers in the country are eager to pay more for specific product attributes boosted by flexible packaging. The customers are also willing to pay additional for food stored in flexible packaging.
  • The companies that are involved in food processing and agribusiness (Tyson, Driscolls, Bachoco, Sunny Ridge, among others) are demanding better and greener packaging technologies than the available ones. Baked and salted snacks are also witnessing strong growth, providing extensive opportunities for flexible packaging manufacturers in the country.
  • Moreover, in Dec 2019, Azelis entered into Latin America with the acquisition of Megafarma, a premier Mexican specialty distributor for pharma, food, and veterinary sectors. Headquartered in Mexico City, the company represents some of the most renowned raw material producers and serves a large number of customers in all Mexican regions. The integration of Megafarma will provide Azelis access to a promising market and creates a robust platform for growth in the global specialty chemicals and food ingredients distribution business. Instances like these are expected to boost the demand for flexible packaging, which includes pouches.
  • According to the National Chamber of the Cosmetics Industry (CANIPEC) of Mexico, the Mexican consumers spend about USD 90 on cosmetic products annually. More importantly, only 10% of that expenditure is done on premium products, and hence there is massive scope for upscaling of packaging as the acceptance of premium products grows. This has been confirmed by the fact that in 2019, premium beauty products registered a 15% growth in Mexico.
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Latin America Plastic Packaging Industry Overview

The Latin America Plastic Packaging Market is highly competitive owing to the presence of multiple players in the market. The market appears to be moderately competitive and major players are adopting key strategies such as product innovation, mergers, and acquisitions, primarily to widen the product portfolio and expand their geographic reach. Some of the major players in the market are Amcor Plc, Sonoco Products Company, Graham Packaging Company, among others.

  • Jul 2019 - Berry Global Inc. completed the acquisition of RPC Group PLC, at an approximate price of USD 6.5 billion. RPC Group is among the leading global designer and engineer of plastic products in the packaging and nonpackaging markets. This acquisition helped the growth of Berry's Engineered Materials product portfolio, which is expected to strengthen the company's product line.
  • Aug 2019 - Amcor partnered with New Age to launch PET bottles for the Salzburg craft beer bottles in Brazil. The 600 ml bottles are designed with a glass-like, champagne-style base in combination with a lightweight and shatter-resistant PET.

Latin America Plastic Packaging Market Leaders

  1. Amcor Plc

  2. Sonoco Products Company

  3. Plastipak Packaging do Brasil Ltda.

  4. Graham Packaging Company

  5. Berry Global, Inc

*Disclaimer: Major Players sorted in no particular order

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Latin America Plastic Packaging Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Adoption of Lightweight Packaging Methods

      2. 4.2.2 Increased Demand for Convenient Packaging

    3. 4.3 Market Restraints

      1. 4.3.1 Concerns Regarding the Environment and Recycling

    4. 4.4 Industry Value Chain Analysis

    5. 4.5 Porters Five Force Analysis

      1. 4.5.1 Threat of New Entrants

      2. 4.5.2 Bargaining Power of Buyers/Consumers

      3. 4.5.3 Bargaining Power of Suppliers

      4. 4.5.4 Threat of Substitute Products

      5. 4.5.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Rigid Plastic Packaging

      1. 5.1.1 By Material

        1. 5.1.1.1 PE

        2. 5.1.1.2 PP

        3. 5.1.1.3 PET

        4. 5.1.1.4 PS and EPS

        5. 5.1.1.5 Other Materials

      2. 5.1.2 By Product

        1. 5.1.2.1 Bottles and Jars

        2. 5.1.2.2 Trays and Containers

        3. 5.1.2.3 Caps and Closures

        4. 5.1.2.4 Other Products

      3. 5.1.3 By End User

        1. 5.1.3.1 Food

        2. 5.1.3.2 Beverage

        3. 5.1.3.3 Personal Care

        4. 5.1.3.4 Pharmaceuticals

        5. 5.1.3.5 Other End Users

      4. 5.1.4 By Country

        1. 5.1.4.1 Brazil

        2. 5.1.4.2 Argentina

        3. 5.1.4.3 Mexico

        4. 5.1.4.4 Rest of Latin America

    2. 5.2 Flexible Plastic Packaging

      1. 5.2.1 By Material

        1. 5.2.1.1 PE

        2. 5.2.1.2 BOPP

        3. 5.2.1.3 CPP

        4. 5.2.1.4 Other Materials

      2. 5.2.2 By Product

        1. 5.2.2.1 Pouches and Bags

        2. 5.2.2.2 Films and Wraps

        3. 5.2.2.3 Other Products

      3. 5.2.3 By End User

        1. 5.2.3.1 Food

        2. 5.2.3.2 Beverage

        3. 5.2.3.3 Personal care

        4. 5.2.3.4 Other End-users

      4. 5.2.4 By Country

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Mexico

        4. 5.2.4.4 Rest of Latin America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Amcor Plc

      2. 6.1.2 Sonoco Products Company

      3. 6.1.3 Plastipak Packaging do Brasil Ltda.

      4. 6.1.4 Graham Packaging Company

      5. 6.1.5 Berry Global Group

      6. 6.1.6 Gerresheimer Plásticos São Paulo Ltda.

      7. 6.1.7 Transcontinental Mexico

      8. 6.1.8 Printpack Inc.

      9. 6.1.9 Altopro S.A. de C.V.

      10. 6.1.10 CCL Industries Inc.

    2. *List Not Exhaustive
  7. 7. INVESTMENT ANALYSIS

  8. 8. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Latin America Plastic Packaging Industry Segmentation

Plastics are being used in the packaging of multiple types of products that includes food, beverage, pharmaceuticals, personal care products, among others. Plastic as a material is primarily used in packaging owing to its performance, cost-effectiveness, and durability. Based upon the type of product being transferred, plastics can be of different grades and different material combinations like polypropylene, polyethylene, polyvinyl chloride, among others.

Rigid Plastic Packaging
By Material
PE
PP
PET
PS and EPS
Other Materials
By Product
Bottles and Jars
Trays and Containers
Caps and Closures
Other Products
By End User
Food
Beverage
Personal Care
Pharmaceuticals
Other End Users
By Country
Brazil
Argentina
Mexico
Rest of Latin America
Flexible Plastic Packaging
By Material
PE
BOPP
CPP
Other Materials
By Product
Pouches and Bags
Films and Wraps
Other Products
By End User
Food
Beverage
Personal care
Other End-users
By Country
Brazil
Argentina
Mexico
Rest of Latin America
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Latin America Plastic Packaging Market Research FAQs

The Latin America Plastic Packaging Market is projected to register a CAGR of 4.5% during the forecast period (2024-2029)

Amcor Plc, Sonoco Products Company, Plastipak Packaging do Brasil Ltda., Graham Packaging Company and Berry Global, Inc are the major companies operating in the Latin America Plastic Packaging Market.

The report covers the Latin America Plastic Packaging Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Plastic Packaging Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

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Latin America Plastic Packaging Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)